N/B; This information will make you 37% smarter.

As of today November 8th 2022, 1 US dollar exchanges between 840 and 890 naira in the black market and the naira continues to crash, leaving investors thinking of ways to protect their wealth.

Another unfortunate part of this story is that Bitcoin also crashed on us this same season, as over a trillion dollars were lost in Crypto value between October and November

Wʜʏ ᴅᴏᴇs Bɪᴛᴄᴏɪɴ ᴋᴇᴇᴘ ᴄʀᴀsʜɪɴɢ ᴀᴛ ɪɴᴛᴇʀᴠᴀʟs?
Because it has no intrinsic value;
⛔There is no bitcoin Company - Only online distributors
⛔There is no Bitcoin building - just you and your computer
⛔There is no 3rd Party in transactions - there is no one to hold responsible or cry to; You are trading with yourself on a Computer

In a nutshell - Cryptocurrency is a decentralized virtual currency with no intrinsic value at the mercy of online hackers and market manipulators

These market manipulators pump at will to create bubbles and dump on you once you come in with your full chest, leaving the bubbles busting on you,

Little wonder, it's easier to lose crypto than acquire it as we witnessed the crypto trading giant" Binance lose over 100 million US dollars value of crypto to Cyber Criminals on October 10th, 2022

It becomes understandable why billionaires encourage people to use Crypto as a means of payment rather than a store of value, while others will tell you to invest only what you can afford to lose.

"Bitcoin has anonymous and irreversible transactions, bitcoin is not necessarily bad, but don't invest in bitcoin unless you are as wealthy as Elon Musk" - Bill Gates

Recently Elon dumped 75% of his Crypto assets and immediately stopped Tesla from accepting Bitcoin and this created a lot of panics that saw Crypto Currency Crashing.

Elon promised to reopen to acceptance of Crypto, but that's probably going to be after his next pump

SHOULD YOU CONVERT YOUR SAVINGS TO DOLLARS?

This might look like a smart move, but of course, not the smartest move.

It might be hard to notice the inflation in dollars because Naira has been in a free fall, almost consistently

The Federal Open Market Committee (FOMC), in its latest meeting on September 21, 2022, forecasted that the inflation rate in the United States will average 5.4% in 2022

This means that you lost 5.4% of all the monies you saved in dollars.

The dollar inflation might not be easily noticeable by Nigerians because, in September 2022, inflation in Nigeria plummeted to a 17-year high of 20.77% hence making dollar savers look smart even when they are losing 5.4%.

If you are comfortable losing 5.4% of your savings to dollar inflation, you may stop reading now, but if you want something better, let's go there now
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